Thanks MM, I felt great when I recently received a copy of the title in the mail and the lien holder section said "none".

I've had a couple people ask me if I bought or leased the car and I've responded, in a gentle manner, that I bought the car out right. That statement tends to trigger a number of questions - "how could you afford to buy a car in full" "you mean you didn't finance the car, why not", etc. I try not to get preachy with people, but I want my friends to know that its possible to save up for a car and buy it with cash.

And my answer is - I drove my last car for 9 years (and my last car was paid off in 2002 so I had 6 years of no car payment) and I saved, saved, saved for the nused car in order to pay for it with cash. Next year we'll start saving for a replacement car for Mr. Sam.

We have bought other vehicles outright, including paying cash for our van, a trailer, and two jetskis. In contrast to a friend who financed the tow vehicle ($30K) the jetskis ($25K) and the trailer ($2K). Oh, and an RV - $64K on a 20 year note.

Their entire financial plan is the day in three years when they no longer have to pay $1000/month in child support.

One of the jetskis is trashed from "friends" running it aground and refusing to pay for the damage; they jack-knifed and damaged their first trailer, so they went out and bought another one. Excuse me, financed another one.

They're upside down on their house, we just learned (we suspected it, but they talked about it when last we were together). Part of why they're upside down - and now trapped - is they refinanced to finish paying off the "toys" - 4 years into 5 years of financing.

It makes me itchy - I cannot believe how "we can afford the monthly payments" has snowballed into more than $120K in "toy" debt.

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